Concerned over continuous decline in exports, a committee of top officials including from commerce and shipping ministries will meet tomorrow to discuss ways to fast-track clearance processes and improve ease of doing business to boost shipments. The meeting will be chaired by Commerce Secretary Rita Teaotia
The committee to facilitate trading across borders and fast tracking of export import clearances was constituted last month by the Prime Minister's Office. Its other members include Central Board of Excise and Customs chairman, Director General of Foreign Trade, representative of Railway Board, shipping and Airport Authority of India.
Further, the committee in the meeting would deliberate on facilitating implementation of measures for fast tracking the regime for export and import clearances besides other trade facilitation steps. Fast tracking clearance procedures promotes ease of doing business for traders which in turn help reducing transactions cost for exporters and importers both. Besides, it will work on ways to speed up the progress of e-trade and its various components like creating paperless and contact free approval environment for export and import clearances.
India’s merchandise exports extending its decline for the fourteen months in row, plunged by 13.6 per cent in January 2016 at $21.07 billion as against $24.39 billion in January last year. The last time Indian exports registered a positive growth was in November 2014, when shipments had expanded at a rate of 7.27 percent.